Alessandro Bucciol

Alessandro Bucciol
University of Verona | UNIVR · Department of Economics

PhD in Economics and Management, University of Padua, 2007

About

98
Publications
12,706
Reads
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1,211
Citations
Citations since 2016
36 Research Items
945 Citations
2016201720182019202020212022050100150200
2016201720182019202020212022050100150200
2016201720182019202020212022050100150200
2016201720182019202020212022050100150200
Introduction
My research interests span across household finance, behavioral economics, public finance, and in general applied microeconometrics. In particular, my current research focuses on households' risk attitude and return expectations, honesty and crime, and impact evaluation of environmental policies.
Additional affiliations
December 2019 - present
University of Verona
Position
  • Professor
October 2016 - present
Università commerciale Luigi Bocconi
Position
  • Professor (Associate)
October 2014 - August 2015
IMT School for Advanced Studies Lucca
Position
  • Professor (Associate)
Education
September 2005 - June 2006
January 2005 - June 2005
Boston University
Field of study
  • Economics
January 2004 - December 2006
University of Padova
Field of study
  • Economics and Management

Publications

Publications (98)
Article
We study the relationship between family financial socialization acquired during adolescence and a wide range of wealth decisions during adulthood, and compare the correlation of family financial socialization with that of financial literacy. Our findings highlight the importance of family financial socialization during young age on all the dimensi...
Article
Is there a happiness premium for working in the public sector? We empirically explore this question using a large sample of about 15,000 Italian employees, from 2004 to 2016. We find that happiness increases with economic conditions, defined as either wealth, job salary, total income or as a factor combining these three pieces of information. Moreo...
Article
Using novel US household survey data, we examine the role of financial socialization, meant as the exposure to financial concepts while growing up, and self-control in explaining saving behavior. We pay special attention to the potential existence of gender differences in the influence of parental teachings received early in life and self-control s...
Article
Even though a large experimental literature explored the links between personality and honesty, available evidence is inconclusive. In this study, we provide large-scale evidence on the influence of the “Big Five” personality traits on civic honesty, by also considering the roles played by individuals’ socioeconomic status and the gender dimension....
Article
Financial literacy is a crucial skill for personal wealth management and economic well-being. Hence, it is important to evaluate the impact of interventions aimed at increasing financial knowledge and confidence in the most vulnerable groups of the society. We conduct an impact evaluation of a two-hour lecture targeting the elderly population. We f...
Article
Using data from a longitudinal survey representative of the Dutch population, we analyze the relationship between saving and locus of control, and we study the underlying mechanisms. Locus of control measures the extent to which individuals perceive their life outcomes to be determined by their own actions, as opposed to external factors. Those who...
Article
We investigate the role of financial advice in shaping the composition of UK household portfolios. Our findings suggest that advice is associated with a reallocation of wealth away from real estate and towards bonds and stocks. Among the various reasons why households seek financial advice, "advice for investments" consistently has the largest effe...
Article
Full-text available
We implemented an online anonymous survey targeted to current and former students, where the interviewed indicate whether and to what extent they cheated during written university examinations. We find that 61% of respondents have cheated once or more. Cheaters are more likely to report that their classmates and friends cheated and that in general...
Article
This paper investigates the price variability of standardized medical devices purchased by Italian Public Buyers (PBs). A semiparametric approach is used to recover the marginal cost of each device. Average prices vary substantially between PBs; we show that most of the difference between the purchase prices and estimated costs is associated with a...
Article
In high pressure situations, individuals may perform well below expectations. This is called “choking under pressure” and we study it in the context of a competitive sports environment. We construct a unique dataset on archery to study whether performance deteriorates at the end of a match, when two players compete in a tiebreak. Our results sugges...
Article
We evaluate the effect of the 2008 pension reform in Chile, applying a difference-in-difference estimation method to longitudinal survey data representative of the Chilean population. Our evidence suggests that those who started to receive a basic pension increased their debt more than their assets. We interpret this as an indicator of debt sustain...
Article
Purpose The purpose of this paper is to study the relationship between financial risk-taking and trait emotional intelligence (EI). Design/methodology/approach An incentivized online survey was conducted to collect the data, including measurements for cognitive ability and socio-demographic characteristics. Findings There is a positive correlatio...
Preprint
We investigate the price variability of standardized medical devices across Italian Public Buyers (PBs). We use a semiparametric approach to recover the marginal cost of each device. We find that average prices vary substantially amongst PBs, and we show that most of the difference between the observed purchasing prices and the estimated costs is a...
Article
We study at the individual level the connection between actions to reduce energy consumption and beliefs about the personal responsibility for climate change mitigation. Also examined is the role of human values and differences between countries in shaping beliefs and actions. Using data from 23 (mostly) European countries, we find large heterogene...
Article
In this study, by employing large-scale survey data from four waves of the US Health and Retirement Study (HRS), we explore the (potentially long-lasting) effects of individuals’ exposure to psychologically traumatic life experiences on their subjective well-being. To this aim, we exploit the richness of our dataset, that contains information about...
Article
This paper provides evidence that individual social capital contributes to our understanding of where individuals locate themselves in the social ladder, also when their objective location within society (measured in terms of income, wealth, education and job) is considered. Using large-scale longitudinal data from the US Health and Retirement Stud...
Article
We use individual life history data from 12 European countries, and duration analysis that controls for unobserved heterogeneity, to investigate whether observed patterns of investment in illiquid assets and housing are consistent with predictions based on “temptation preferences”. A motivating model takes into account the standard motives for savi...
Article
We use data from a Dutch data set, the DNB Household Survey, annually covering the period 1996–2015, to study the relationship between informal parental saving education received when people were children or adolescents and two variables aimed to capture adult individuals' concerns for their future: planning horizon and future orientation. Our resu...
Article
Full-text available
We utilize a large administrative dataset of sickness leave in Italy (a) to investigate whether private firms are more effective than the public insurer in choosing who to monitor and (b) to study the correlation between potentially opportunistic behavior and the observable characteristics of the employee. We find that private employers are more li...
Article
We study the effect of visibility of individual action on free riding using field data on household waste sorting. In our sample households pay an annual fee proportional to the number of emptyings of their bin for unsorted waste. We exploit the variation in the bin sharing policy to estimate the production of unsorted waste when bins are shared or...
Article
A growing empirical literature documents that managerial risk taking is linked to an individual's history of relevant personal and professional experiences. Using male soccer data on 32 teams and 2,160 matches covering eight seasons of the Italian premier league (“Serie A”), we provide clear evidence that change in managerial risk taking – proxied...
Article
In this paper, we use data on 2459 public claims made by 444 politicians from the leading US fact-checking site (PolitiFact) to provide an empirical analysis of false claims in politics, shedding light on their characteristics within an advanced democracy. The frequency of falsehoods differs according to party affiliation and topic, with false clai...
Article
Using data from the Survey on Health, Ageing and Retirement in Europe (SHARE, 2006 and 2013 waves), this paper sheds light on the link between the combination of individuals’ financial risk attitude and willingness to trust others and their risky assets investments. The decision to buy risky assets is more frequent in individuals featuring either r...
Article
We analyse whether individual financial risk propensity changes over time with background financial conditions, as well as personal and subjective portfolio risk exposure. We elicit risk propensity from six different self-assessed facets collected in a long panel data set from the DNB Household Survey, annually covering the period 1995–2015. Risk p...
Article
Based on large-scale survey data from the 2006-2012 waves of the US Health and Retirement Study (HRS), we show that individual portfolio decisions are influenced by a variety of stable traits and facets traditionally investigated in the field of personality psychology. Three personality traits have a significant negative correlation with financial...
Article
Full-text available
We study attitude toward redistribution by local policy-makers in the context of public childcare in Italy. Within a substantially homogeneous legislative framework, different municipalities autonomously define how participation fees vary with a compound indicator of income and wealth (ISEE), thus redistributing resources across households using th...
Article
Full-text available
We analyze the relationship between dynamics to stock prices and jet fuel prices, conditional on financial and company-specific variables, in the airline sector. In particular, our contribution to the literature is in the comparison between regular and low-cost airline companies. We run a set of fixed-effect regressions where the dependent variable...
Article
We develop a structural econometric model to elicit household-specific expectations about future financial asset returns and risk attitudes by using data on observed portfolio holdings and self-assessed willingness to bear financial risk. Our framework assumes that household portfolios are subject to short-selling constraints in stocks and bonds, a...
Article
The paper presents a large scale overlapping generation model with heterogeneous agents, where the household is the decision unit. We calibrate the model for three European countries - France, Italy and Sweden - which show marked differences in the design of some public programmes. We examine the properties in terms of annual and life cycle redistr...
Article
We provide direct evidence on the relationship between social status and personality traits. Using survey data from the 2006-2012 waves of the US Health and Retirement Study, we show that self-perceived social status is associated with all the "Big Five" personality traits, after controlling for observable characteristics that arguably reflect one'...
Article
Based on data from the four 2004-2010 waves of the US Health and Retirement Study (HRS), we show that financial risk taking is significantly related to life-history negative events out of an individual’s control. Using observed portfolio decisions to proxy for risk taking, we find correlation with two of such individual-specific events: having been...
Article
We present evidence that non-cognitive skills such as individual investors’ personality traits significantly impact their portfolio choices. Based on large-scale survey data from the 2006-2012 waves of the US Health and Retirement Study (HRS) we show that portfolio decisions are influenced by a variety of traits and facets traditionally investigate...
Article
While the importance of saving is widely accepted, our understanding on how to encourage people to save is still quite weak. We provide robust evidence of the effect of alternative parental teaching strategies on the propensity to save and the amount saved by their children during adulthood. Using a panel dataset from the Dutch DNB Household Survey...
Article
Full-text available
Extant research offers conflicting predictions about the effect of pay dispersion on team performance. We collected a unique dataset from the Italian soccer league to study the effect of intra-firm pay dispersion on team performance, under different definitions of what constitutes a "team". This peculiarity of our dataset can explain the conflictin...
Article
Full-text available
The paper presents a large scale overlapping generation model with heterogeneous agents, where the family is the decision unit. We model a large number of tax and public expenditure (cash and in kind) programmes , so that the equity and efficiency implications of public sector intervention may be assessed in its complexity. We do this for three eur...
Article
Free riding problems can be more severe in multiple-person social dilemmas than in two-person dilemmas, since agents can hide their actions behind the veil of anonymity. In this paper, we use field data on waste sorting to study the effect of visibility in social dilemmas. We compare the sorting behavior of households sharing (or not) their bin for...
Article
We provide direct evidence on the relationship between social status and personality traits. Using survey data from the 2006–2012 waves of the US Health and Retirement Study, we show that self-perceived social status is associated with all the “Big Five” personality traits, after controlling for observable characteristics that arguably reflect one’...
Article
While the importance of saving is widely accepted, our understanding on how to encourage people to save is still quite weak. We provide robust evidence of the effect of alternative parental teaching strategies on the propensity to save and the amount saved by their children during adulthood. Using a panel dataset from the Dutch DNB Household Survey...
Article
What are the individual demographic characteristics that correlate with unethical behavior? To answer this question we randomly interviewed 541 passengers who used the bus in Reggio Emilia (Italy). Exploiting the high level of fare evasion (43% without a valid ticket) we find that young individuals, males and non-European immigrants in our sample a...
Article
This paper explores the introduction of collective risk-reallocation elements in defined contribution pension contracts. We consider status-contingent, age-contingent and asset-contingent arrangements to reallocate risk among participants. Eliminating asset market risk for the retired raises their welfare, while it lowers welfare of the workers, de...
Article
Full-text available
To encourage worker productivity, companies routinely adopt policies requiring employees to delay gratification. For example, offices might prohibit use of the internet for personal purposes during regular business hours. Recent work in social psychology, however, suggests that using willpower to delay gratification can negatively impact performanc...
Article
We use individual life-history data on twelve European countries to investigate the role of temptation in explaining the decision to become home-owners relatively late in life. The model we consider takes into account the standard motives for saving and investing in illiquid assets such as housing and individual retirement accounts, but recognizes...
Article
We exploit the US Survey of Consumer Finances from 1998 to 2010 to study households' portfolio risk. We compare alternative measures of ex-ante risk, based on a financial portfolio including deposits, bonds, and stocks, or a broader portfolio also including real estate, business wealth, and related debt. The measures provide different rankings of p...
Article
We use a panel dataset from the Dutch Household Survey, covering annually the period 1995-2011, to analyze whether individual financial risk attitude changes over time with the background macroeconomic conditions. Considering six different measures of self-assessed risk attitude covering different aspects of risk, our results show that in general r...
Article
Though risk attitude is central to economics and finance, relatively little is known about how it is formed and how it changes over time. Based on US data from a dedicated psycho-social module on lifestyle of the 2010 Health and Retirement Study (HRS), we provide new evidence on the correlation between financial risk attitude and life-history negat...
Article
The following paper reports the main objective and the expected outcomes of an ambitious project that aims to develop a model for the analysis of both inter-household and intra-household distribution in a life-cycle perspective. In reporting such research objectives, this anal- ysis focuses in particular on the di�erent methods and events that will...
Article
We perform a structural estimation of the preference parameters in a buffer-stock consumption model augmented with temptation disutility. We adopt a two-stage Method of Simulated Moments methodology to match our simulated moments with those observed in the US Survey of Consumer Finances. To identify the parameters we use liquid and quasi-liquid (re...
Article
The effect of intra-firm pay dispersion on work performance is controversial and the empirical evidence is mixed. High pay dispersion may act as an extra incentive for employees’ effort or it may reduce motivation and team cohesiveness. These effects can also coexist and the prevalence of one effect over the other may depend on the use of different...
Article
This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate welfare, as measured by equivalent variations. While working individuals hardly benefit or may even lose, r...
Article
Full-text available
We derive the distribution of a proxy for the risk tolerance in a representative sample of U.S. households. Our measure is deduced from the willingness to bear risk as indicated by the variance of returns of each household's observed portfolio. The estimates, obtained assuming constraints on portfolio composition, show substantial heterogeneity acr...
Article
We derive the distribution of a proxy for the risk tolerance in a representative sample of U.S. households. Our measure is deduced from the willingness to bear risk as indicated by the variance of returns of each household's observed portfolio. The estimates, obtained assuming constraints on portfolio composition, show substantial heterogeneity acr...
Article
We develop an overlapping-generations model for a closed economy with uncertainty on labor income and mortality risk to show that unfunded social security programs may increase welfare in economies where agents are affected by self-control problems à la Gul and Pesendorfer (2001, Econometrica 69, 1403). We depart from the existing literature by set...
Article
Using a model of a two-pillar pension system, designed after and calibrated to the Dutch situation, we explore for the funding ratio of pension funds and the welfare of individuals the implications of replacing nominal debt in the pension fund's portfolio with indexed debt. We consider price-indexed, wage-indexed and longevity-indexed debt. The wel...
Article
We exploit the US Survey of Consumer Finances (SCF) from 1998 to 2007 to provide new insights on the evolution of US households’ willingness to undertake portfolio risk. Specifically, we consider four alternative measures of portfolio risk, based on two definitions of portfolio – a narrow one, including financial assets, and a broad one, also inclu...
Article
We study the effect on cost overruns of auction formats (average bid as opposed to first price rule) conditional on the entry mechanisms (open as opposed to restricted participation).The dataset is a panel of auctions held in the Italian Veneto region between 2004 and 2006. It includes small size public projects (with reserve price up to one millio...
Article
Substantial evidence from psychology suggests that resisting temptation (exercising self-control) in one domain subsequently reduces one's capacity to regulate behavior in other domains. A reason is that people have limited self-regulatory resources, and self-regulatory failure occurs when these resources become overwhelmed. This paper provides evi...
Article
This paper examines whether monetary incentives are an effective tool for increasing domestic waste sorting. We exploit the exogenous variation in the pricing systems experienced during the 1999–2008 decade by the 95 municipalities in the district of Treviso (Italy). We estimate with a panel analysis that pay-as-you-throw (PAYT) incentive-based sch...
Article
We run an experiment to study the relationship between honesty, age and self-control. We focus on children aged between 5 and 15 as the literature suggests that self-control develops within such age range. We ask each child to toss a fair coin in private and to record the outcome (white or black) on a paper sheet. We only reward children who report...
Article
Full-text available
We exploit the US Survey of Consumer Finances from 1998 to 2007 to study households’ portfolio risk bearing. We compare four alternative measures of risk, two based on a financial portfolio and two based on a broader portfolio also including – as illiquid assets – human capital, real estate, business wealth and related debt. The measures provide a...
Article
Full-text available
This paper reviews key contributions to the psychology and economics literature on willpower. Understanding how willpower develops can shed important light on time-inconsistent economic decision making, a topic that has received substantial attention over recent decades. In particular, we argue that measures of willpower for the child provide usefu...
Article
Full-text available
We study the inter- and intra-generational welfare consequences of alternative pension fund policies in response to unexpected demographic, financial, and macro-economic shocks. Our analysis is based on an applied OLG model of a small open economy with heterogeneous agents featuring a two-pillar pension system modelled after that in the Netherlands...
Article
We explore the implications of alternative methods of discounting future pension outlays for the valuation of funded pension liabilities. Measured liabilities affect the asset-liability ratio of pension funds and, thereby, their policies. Our framework for analysis is an applied many-generation OLG model describing a small open economy with heterog...
Article
I recenti contributi della psicologia cognitiva e della neurobiologia hanno permesso di scrivere modelli economici più aderenti alla realtà disegnando regole e istituzioni più efficaci. Grazie ai contributi dell’economia comportamentale e sperimentale, concetti come tentazioni e problemi di autocontrollo, altruismo e preferenze sociali, pregiudizi...
Article
Full-text available
Funded social security programs are particularly vulnerable to economic and financial market shocks. As a consequence of the recent crisis, a large fraction of the Dutch pension funds had to submit restoration plans for the recovery of their buffers. Such plans will have to rely primarily on a mix of reduced benefit indexation and increased pension...
Article
We develop a general equilibrium model with overlapping generations to show that Social Security may increase welfare in dynamically efficient economies where agents are affected by self-control problems a la Gul and Pesendorfer (2001, Econometrica 69, 1403). In calibrating the model to the US economy, we make no assumption on agents' preference pa...
Article
Motivated by experimental findings and the literature on modular brain functions, we simulate the intertemporal decisions of consumers affected by temptation. In this framework, the lack of self-control distorts agents choices and reduces their wellbeing. While their consumption behaviour is similar to the one predicted with alternative models, tem...
Article
Full-text available
We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight from emerging markets) prior to and during the 2008 fi...
Article
We use the SHIW panel dataset to characterize the properties of household income patterns in Italy. Our model treats income as a linear combination of deterministic, persistent AR(1) and transitory MA(1) components. We find the typical hump-shape commonly observed on US data only for households with a highly educated head. Our estimates for the per...
Article
We derive from a sample of US households the distribution of the risk aversion implicit in their portfolio choice. Our estimate minimizes the distance between the certainty equivalent return generated with observed portfolios and portfolios that are optimal in a mean-variance framework. Taking into account real wealth and constraints in portfolio c...
Article
We ran an experiment with children to study the development of honesty with age. We asked each child to toss a fair coin in private and to record the outcome (white or black) in a paper sheet. We rewarded only those who reported white. We found a fraction of reported whites signifi cantly larger than 50%, uniformly across age groups. This suggests...
Article
We develop an OLG model with uncertainty on labor income and death age to study the welfare implications of unfunded Social Security programs in an economy where agents are affected by temptation à la Gul and Pesendorfer (2001, Econometrica 69, 1403). Tempted agents give additional value to the pre-commitment mechanism implicit in Social Security....
Article
This paper focuses on the difficulty of standard life-cycle models to predict the behavior observed in the reality, most noticeably the excess sensitivity of consumption to income, the under-provision for old-age consumption, the limited participation in the financial market, and the lack of asset decumulation after retirement. It shows that allowi...
Article
I simulate a life-cycle model with preferences described by a utility function a' la Gul and Pesendorfer (2001). I show that temptation to consume contributes to explain the saving, retirement consumption, and asset allocation puzzles. I perform two analyses, with and without Social Security protection, separately for the US and Italy. The pension...
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